Published on 11/8/2019 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $250,000 contingent income autocallables linked to Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Nov. 8 – Morgan Stanley Finance LLC priced $250,000 of contingent income buffered autocallable securities due May 5, 2021 linked to the lesser performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 8% per year if each index closes at or above its coupon threshold level, 80% of its initial level, on the determination date for that month.
Beginning April 30, 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either index finishes below its buffer level, 90% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index declines beyond 10%.
The notes are guaranteed by Morgan Stanley.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Contingent income buffered autocallable securities
|
| Underlying indexes: | Russell 2000 and Nasdaq-100
|
| Amount: | $250,000
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| Maturity: | May 5, 2021
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| Coupon: | 8% per year, payable monthly if each index closes at or above coupon threshold level on determination date for that month.
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below buffer level, in which case 1% loss for every 1% that lesser-performing index declines beyond 10%
|
| Call: | Beginning April 30, 2020, automatically at par if each index closes at or above initial level on any quarterly determination date
|
| Initial levels: | 1,562.452 for Russell 2000 and 8,083.833 for Nasdaq-100
|
| Buffer levels: | 1,406.207 for Russell 2000 and 7,275.450 for Nasdaq-100, or 90% of initial levels
|
| Coupon thresholds: | 1,249.962 for Russell 2000 and 6,467.066 for Nasdaq-100, or 80% of initial levels
|
| Pricing date: | Oct. 31
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| Settlement date: | Nov. 5
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| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.25%
|
| Cusip: | 61769HYW9
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